Smart Choices For Your Money

Welcome to MoneyChoice! Our goal is to help you make smart decisions with how you spend, save and invest your money.

These days, there are so many financial choices we have to make that it can feel overwhelming. And things are especially tricky with such an unpredictable economy. We’re here to help.

Where Should You Put Your Money?

Choosing where to put your money for savings or investment is more confusing today than ever before. Savings account rates are at all time lows. The stock market is unpredictable and had a good decade of very low returns (although lately it has picked up some steam).

Our view on money in today’s economy is that you should start by minimizing interest rates. Pay off any loans or credit card debts that are over 5% interest. School loans and mortgages aren’t as critical to pay off quickly because of tax deductions. But who knows how long the government will provide this tax relief.

Save Money With Credit Card Rewards

One way to save money is to use a credit card that provides rewards. The best credit cards today offer 1-2% cash back or travel rewards on all purchases. Some offer extra rewards for shopping at certain businesses. However, most of your benefit from a rewards card is going to come from your everyday purchases (grocery and consumer products). So get the best reward you can on your everyday purchases. If you make sure to pay off your credit card in time, and avoid interest, you’ll wonder why you hadn’t been taking advantage of reward credit cards before.

Not sure you’ll qualify for credit cards based on a bad creed score? See Ultimate Guide to Credit Repair Services and Fixing Bad Credit.

Shop Smart for Insurance

Whether you’re shopping for car, life or home insurance (or some other variety) the best thing you can be doing is shop your policy around as often as possible. Especially with car insurance and home insurance, many people don’t take the time shop around. Because of this, insurance companies slowly raise rates over time. You can save money by being a smart shopper for insurance. Make insurance companies compete for your business.

Starting A Small Business

Putting your money to work in a business that you love can be one of the best investments you ever make. It is not without risk though. Before investing in a small business idea, you should make sure you have the room to fail. And you should make doubly sure that the idea has a suitable market (do some market research!). Once you’ve taken care of these things, let your ingenuity and passion drive the show.

Investing in Stocks

Stock market investing has risks and does not guarantee returns. However, historically, it is one of the best places to put your money to work. If you don’t have the time to do lots of research or keep track of the markets, we highly recommend finding a good mutual fund or two with a proven track record. Mutual funds give you the diversity you need while still exposing you to the opportunity for solid earnings.

Savings Accounts For a Rainy Day

Savings accounts today have extremely low rates and aren’t the place to make money. However, you should generally try to keep several months worth of expenses in a savings account, plus a good $10,000 for a rainy day emergency. Yeah, we know not everyone has this kind of surplus money. But that’s the goal. At Money Choice, we’re all about working towards the ideal. You don’t have to be perfect… just keep aiming at the prize.